Sweden's Riksbank spring survey finds Swedish FX and fixed income markets functioning well but risk-taking lower

Sweden's Riksbank has published its spring 2026 Financial Market Survey, showing that most participants in Sweden’s foreign exchange and fixed-income markets consider market functioning to be good, but that a majority have reduced risk-taking compared with autumn 2025. Respondents linked the pullback mainly to the war in the Middle East, with some also citing the United States administration’s trade policy. The report presents market participants’ responses rather than the Riksbank’s own assessment. Two-thirds of respondents said the Swedish krona foreign exchange market is functioning well, and liquidity in spot, forward and foreign exchange swap trading was still seen as favourable, although slightly weaker than six months earlier. Some respondents highlighted funding uncertainty and higher volatility at the front end of the FX swap market. In fixed income, a clear majority said the Swedish market is functioning well or very well, while 28 per cent were neutral and 9 per cent said it is functioning poorly. Respondents pointed to improved liquidity and a larger supply of nominal government bonds after the Riksbank’s bond sales, as well as stronger foreign investor interest, while noting that lower issuance by the Swedish National Debt Office has reduced secondary market liquidity in inflation-linked government bonds.